Ginlong Technologies, a leading manufacturer of solar inverters, has outlined its plans to raise over $ 100 million ($ 7.48 billion) through a private offer. The company intends to raise this fund to expand its production capacity.
As the global string inverter market continues to grow, the company also plans to use this fund to double production capacity to 20 GW per year. The company plans to increase its supply of line inverters for on-grid and solar and storage products to customers around the world.
Commenting on the financing plans, Ginlong President Yiming Wang said: “The demand for our Solis inverters has driven this push to double our capacity. We see an increase in demand for string inverters over other technologies due to their cost competitiveness and reliability. This doubling of production is an exciting milestone for Solis. “
The company announced that the expansion plans include adding 1,000,000 square feet to the existing facility in Binhai Industrial Park and increasing the total capacity to 20 GW. The company plans to build a new research and development (research and development) center, a large-scale production line, an increase in warehouse capacity and new offices. A new company campus with offices, a multifunctional conference center and apartments for dedicated staff is also planned.
Speaking to Mercom India, Idrish Khan, Chief Technical Officer (CTO) of Solis India said: “We are very pleased to announce that our new second manufacturing facility is under construction. All of this has been possible because of the great belief and trust of our customers in India and around the world. With this new facility, we could increase our manufacturing capacity to 20 GW by 2021. We look forward to the trust of our customers in the future. “
Last year Mercom reported that Ginlong Technologies was listed as a public company on the Shenzhen Stock Exchange. When it went public, the company had listed 20 million shares at 26.64 yuan (~ $ 3.96 million) and raised 533 million yuan (~ 79.27 million US dollars).
In the 2019 calendar year, Huawei was the leading supplier of string inverters, followed by Growatt and Sungrow. GoodWe and Solis rounded off the top 5 for the 2019 financial year. The top 5 accounted for 76% of deliveries to the Indian market.
In the meantime, the Ministry of New and Renewable Energy (MNRE) recently extended the deadline for self-certification of solar inverters by six months from December 31, 2019 to June 30, 2020 due to unavailability of laboratories and testing facilities. and workforce. This is a great relief for the inverter suppliers. Following this announcement, the ministry has published draft guidelines for standards on the technical specifications for solar grid inverters. The ministry said the purpose of the standards is to set the requirements for connecting photovoltaic panels and inverters to the utility distribution system.
Rakesh is a reporter at Mercom India. Prior to joining Mercom, he held many roles as business correspondent, editorial assistant, senior content writer and editor at bcfocus.com, CIOReview / Silicon India, Connect Communication and Bangalore Bias. Rakesh holds a bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). More articles from Rakesh Ranjan.